State Bank of Sikkim files legal charges against three suspects in Rs 69 crore scam

Sikkim, May 16: In a recent development, the State Bank of Sikkim (SBS) has initiated legal proceedings against three of its employees accused of embezzling over Rs 69 crore from the institution.

The accused, identified as Dorjee Tshering Lepcha, serving as General Manager (Operations); Tsewang Dorjee Lepcha, in the role of Assistant Manager (IT); and Tilak Rai, Senior Account Assistant, allegedly masterminded a fraudulent scheme aimed at enriching themselves personally. These individuals, based at the bank’s headquarters in Gangtok, stand accused of manipulating multiple accounts, including those belonging to a government employee from the Roads and Bridges Department, Government of Sikkim, and the spouse of one of the suspects, Chung Chung Bhutia.

Preliminary investigations conducted by the bank revealed that the suspects established several fixed deposit accounts under the government employee's name, funnelling the ill-gotten funds into various assets, both movable and immovable.

The bank has taken decisive action by lodging a formal complaint with the police, urging them to conduct a thorough investigation to uncover the full extent of the fraud. Furthermore, the bank has requested authorities to promptly freeze or seize all assets, including bank accounts, fixed deposits, shares, mutual funds and properties, belonging to the suspects and their immediate family members.